Legal and accounting services
Archived Content
Information identified as archived is provided for reference, research or recordkeeping purposes. It is not subject to the Government of Canada Web Standards and has not been altered or updated since it was archived. Please "contact us" to request a format other than those available.
Related information
Although legal and accounting services were hit hard by the 2008–2009 recession, their recovery was earlier than the rest of the Canadian economy.
In 2008, legal and accounting services grew 0.1%. In 2009, however, they posted a 1.9% growth at a time when the economy was on a downward slope and gross domestic product (GDP) dropped 2.6%. In comparison, the entire professional services sector remained relatively steady throughout the economic downturn, experiencing a 0.3% decline in 2009 and a 0.6% increase in 2010. Meanwhile, the overall GDP rose 3.3% in 2010 and surpassed early-2008 levels.
In 2010, employment in legal and accounting services together accounted for 22.6% of total employment in the professional services industry, a drop from 25.4% in 1997. Average weekly earnings for all employees (including overtime) in the accounting services industry was $1,020 in 2010, while in legal services it was $1,140.
By the end of 2010, capital spending for legal and accounting services had rebounded to $804.4 million, matching the level at the beginning of 2008.
- Date modified: